Real Estate Weekly
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Deals & Dealmakers

European bank finances Philly apartment project

Cushman & Wakefield Equity, Debt & Structured Finance served as the advisor to affiliates of The Brickstone Companies and JP Morgan Special Situation Property Fund in arranging approximately $52 million of construction financing.

Photo by Cristian Santinon/ Flickr
Photo by Cristian Santinon/ Flickr

The loan is secured by 1112-1128 Chestnut Street, a ground-up, mixed use apartment and retail project located in Center City, Philadelphia, Pennsylvania.

The five-year, non-recourse floating rate financing was provided by a European bank.

Upon completion, 1112-1128 Chestnut Street will include 112 residential units and 90,000 s/f of retail space.

The Cushman & Wakefield Equity, Debt and Structured Finance team included Steve Kohn, Alex Hernandez and Alex Lapidus.

This is Cushman’s fourth recent institutional transaction in the Market East corridor.  It arranged the recapof East Market Street and Mellon Independence Center.

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